The shipping industry, which is closely related to foreign trade, has become a new field for Ningbo companies to invest in. The city's economic and trade bureaus says during the first six months of the year, Ningbo-based companies has invested 80.6 million USD on purchasing foreign operating vessels, which accounts for 1/5 of all the investment made overseas by Ningbo companies.
Seeing the recovering trend of the market, the shrew business people of Ningbo started to go abroad to buy ships. The trade bureau says after the breakout of the financial crisis, many international shipping companies had to sell out their assets at very low prices and that since this year, some shipping companies in Beilun and Zhenhai have bought over 10 ships in HK and Singapore. For instance, a company based in the Ningbo Economic and Technological Development Zone has purchased six ships in operation in Hong Kong, with each costing 35-40 million USD, with the total investment of 200 million USD.
The trade bureau also says Ningbo-based shall invest about 400 million USD in overseas shipping business. The priority destination is Hong Kong and the second hot destination is Singapore.
With the upturning of the shipping business, the export of shipping has resumed the growth momentum. According to the Ningbo Customs, during the first half year, the city has exported 13247 vessels, worth 940 million USD, up 17.7% over last year. In June alone, a total of 5044 vessels were exported, worth 210 million USD, which set a new single-month record. The ships mainly go to the EU, MH(Marshall Islands) and Korea. Private shipping companies with the Zhejiang Shipyard Co., Ltd, has been the main force in exporting ships.
Seeing the recovering trend of the market, the shrew business people of Ningbo started to go abroad to buy ships. The trade bureau says after the breakout of the financial crisis, many international shipping companies had to sell out their assets at very low prices and that since this year, some shipping companies in Beilun and Zhenhai have bought over 10 ships in HK and Singapore. For instance, a company based in the Ningbo Economic and Technological Development Zone has purchased six ships in operation in Hong Kong, with each costing 35-40 million USD, with the total investment of 200 million USD.
The trade bureau also says Ningbo-based shall invest about 400 million USD in overseas shipping business. The priority destination is Hong Kong and the second hot destination is Singapore.
With the upturning of the shipping business, the export of shipping has resumed the growth momentum. According to the Ningbo Customs, during the first half year, the city has exported 13247 vessels, worth 940 million USD, up 17.7% over last year. In June alone, a total of 5044 vessels were exported, worth 210 million USD, which set a new single-month record. The ships mainly go to the EU, MH(Marshall Islands) and Korea. Private shipping companies with the Zhejiang Shipyard Co., Ltd, has been the main force in exporting ships.